Go to date:

Search Notices:

Daily Digest

Collierville Retail Center Facing Foreclosure

The owner of the 7,465-square-foot shopping center at 9125 E. Shelby Drive in Collierville is in default, according to a first-run foreclosure notice in the Thursday, July 11, edition of The Daily News.

The bank assigned E. Franklin Childress of Baker, Donelson, Bearman, Caldwell & Berkowitz PC as substitute trustee. Childress will hold a substitute trustee’s sale of the property Aug. 1 at noon on the steps of the Shelby County Courthouse.

Per newspaper policy, calls to the parties involved, such as the property owner, deed holder or trustee, are prohibited until the notice is published.

Built in 2005, the Class B retail center sits on 1.1 acres at the southeast corner of East Shelby Drive and Forest Hill-Irene Road. The Shelby County Assessor of Property’s 2013 appraisal is $812,600.

Early Voting in Suburbs Ends Thursday

Early voting in Shelby County’s six suburban town and cities on the formation of municipal school districts ends Thursday, July 11, at 7 p.m. at the three suburban early voting sites in Germantown, Bartlett and Collierville.

Restaurant Technologies Opens Memphis Location

The new oil depot at 3930 Willow Lake Blvd. will support 65 current customers across Western Tennessee, Eastern Arkansas, Northern Mississippi and Southern Missouri. It will also supply and service more than 80 new installations coming online in the region during the next four months, according to the company.

US Wholesale Stockpiles Shrink in May, Sales Rise

U.S. wholesalers cut back on restocking in May even as sales rose, indicating economic growth could pick up later this year as they rebuild their stockpiles.

The Commerce Department said Wednesday that wholesale stockpiles shrank 0.5 percent in May, the most in 20 months. That followed a 0.1 percent decline in April, which was revised lower.

Sales at the wholesale level jumped 1.6 percent in May and 0.7 percent in April.

A reduction in stockpiles may prompt economists to cut their growth forecasts for the April-June quarter. But the steady gain in sales suggests companies may have to order more goods in the coming months to keep up with demand. That could boost factory production and drive more economic growth in the second half of the year.

Auto sales jumped 3 percent in May, yet stockpiles were unchanged. And sales of durable goods, items meant to last at least three years, rose 0.3 percent, while inventories of those goods fell by the same amount.

Sales of nondurable goods rose 2.8 percent, the most in more than two years. The gain was driven by large increases in sales of clothing, groceries and pharmaceuticals. Stockpiles of those goods declined 0.8 percent.

Senate Fails to Keep Student Loan Rates Low

Senate Democrats on Wednesday failed to restore lower interest rates on student loans, again coming up short and perhaps signaling that undergraduates might really face rates twice as high as the ones they enjoyed last year.

The proposal from Democratic leaders would have left interest rates on subsidized Stafford loans at 3.4 percent for another year while lawmakers took up a comprehensive overhaul. The one-year stopgap measure failed to overcome a procedural hurdle as Republicans – and a few Democrats – urged colleagues to consider a plan now that would link interest rates to the financial markets and reduce Congress’ role in setting students’ borrowing rates.

The competing proposals failed and lawmakers said students would face higher costs to repay their loans after graduation.

The failure to win a one-year approval – combined with little interest in such a deal in the Republican-led House – meant students would be borrowing money for fall courses at a rate leaders in both parties called unacceptable.

The rate increase does not affect many students right away; loan documents are generally signed just before students return to campus, and few students returned to school over the July Fourth holiday. Existing loans were not affected.

However, absent congressional action in the coming weeks, the increase could spell an extra $2,600 for an average student returning to campus this fall, according to Congress’ Joint Economic Committee.

During last year’s presidential campaign, lawmakers from both parties voted to keep interest rates on subsidized Stafford loans at 3.4 percent. Yet this year, without a presidential election looming, the issue seemed to fizzle and the July 1 deadline passed without action.

– The Associated Press

Oil Rises 2 Percent on Drop in US Supplies

The price of oil rose nearly 2 percent Wednesday as the U.S. government reported another steep decline in the nation’s supplies of oil and gasoline.

By late morning, benchmark crude for August delivery was up $1.94, or 1.9 percent, to $105.47 a barrel on the New York Mercantile Exchange.

Oil has risen about $12 a barrel, or 13 percent, in the past two weeks to the highest level since early May of last year. The initial catalyst was turmoil in Egypt. The country controls the Suez Canal, a critical channel for oil and gas shipments from the Middle East. But now oil is rising on signs of increased demand in the U.S., the largest consumer of oil and gasoline.

Rising oil prices have reversed a steady decline in the price U.S. drivers pay at the pump. The average price for a gallon of gas rose 2 cents to $3.50. That’s the biggest one-day increase since May 18. The price is still 14 cents cheaper than a month ago.